AIRLINK 67.30 Increased By ▲ 0.50 (0.75%)
BOP 5.69 Increased By ▲ 0.02 (0.35%)
CNERGY 4.63 No Change ▼ 0.00 (0%)
DFML 23.35 Increased By ▲ 1.03 (4.61%)
DGKC 69.80 Increased By ▲ 0.04 (0.06%)
FCCL 19.56 Decreased By ▼ -0.06 (-0.31%)
FFBL 30.23 Increased By ▲ 0.03 (0.1%)
FFL 9.88 Decreased By ▼ -0.02 (-0.2%)
GGL 10.15 Increased By ▲ 0.10 (1%)
HBL 117.00 Increased By ▲ 1.30 (1.12%)
HUBC 131.25 Increased By ▲ 0.74 (0.57%)
HUMNL 6.71 Decreased By ▼ -0.03 (-0.45%)
KEL 4.36 Increased By ▲ 0.01 (0.23%)
KOSM 4.98 Increased By ▲ 0.18 (3.75%)
MLCF 36.89 Decreased By ▼ -0.30 (-0.81%)
OGDC 132.10 Decreased By ▼ -1.45 (-1.09%)
PAEL 22.49 Decreased By ▼ -0.11 (-0.49%)
PIAA 26.77 Increased By ▲ 0.07 (0.26%)
PIBTL 6.27 Increased By ▲ 0.02 (0.32%)
PPL 112.69 Decreased By ▼ -1.26 (-1.11%)
PRL 27.18 Increased By ▲ 0.03 (0.11%)
PTC 16.20 Increased By ▲ 0.07 (0.43%)
SEARL 59.78 Increased By ▲ 0.08 (0.13%)
SNGP 66.50 No Change ▼ 0.00 (0%)
SSGC 11.18 Decreased By ▼ -0.03 (-0.27%)
TELE 9.01 Increased By ▲ 0.07 (0.78%)
TPLP 11.34 No Change ▼ 0.00 (0%)
TRG 69.80 Increased By ▲ 0.44 (0.63%)
UNITY 24.06 Increased By ▲ 0.61 (2.6%)
WTL 1.35 Decreased By ▼ -0.01 (-0.74%)
BR100 7,317 Decreased By -0.5 (-0.01%)
BR30 24,099 Decreased By -6.7 (-0.03%)
KSE100 70,458 Decreased By -26 (-0.04%)
KSE30 23,194 Decreased By -8.7 (-0.04%)

LONDON: Copper prices rose for a third day on Wednesday as China, the biggest consumer, stimulated its economy and after Pfizer said a three-shot course of its vaccine could neutralise the new Omicron coronavirus variant.

China’s yuan shot to its strongest level against the US dollar since 2018, making dollar-priced metals cheaper for Chinese buyers, after a cut in bank reserve requirements released 1.2 trillion yuan ($188 billion) in long-term liquidity.

However, US and European markets and oil prices stalled after two days of gains.

Benchmark copper on the London Metal Exchange (LME) was up 0.5% at $9,645 a tonne at 1700 GMT.

The metal used in power and construction is up more than 20% this year, but has traded between around $9,000 and $10,000 since reaching a record high of $10,747.50 in May.

Omicron triggered a sharp reduction in speculative bets on higher prices, and with the market lacking direction, investors are cautious, said Saxo Bank strategist Ole Hansen.

But he said low stockpiles, strong Chinese imports and a positive demand outlook meant the market was “skewed to the upside”.

OMICRON: BioNTech and Pfizer said three doses of their vaccine were effective against Omicron and they could deliver an upgraded coraonvirus vaccine in March 2022 if needed.

POSITIONING: Speculators slashed their net long position in copper on the Comex exchange to the lowest in more than a year.

CHINA: China’s copper imports in November rose 24.3% from the October to their highest since March.

COPPER STOCKS: Inventories in Shanghai Futures Exchange warehouses and Chinese bonded warehouses have fallen rapidly since the summer, pointing to a tight market.

However, copper stocks in LME-registered warehouses have risen from historic lows and premiums for quickly deliverable metal have tumbled, suggesting good availability.

SUPPLY: Peruvian government officials failed to broker a deal to unblock a key distribution corridor used by MMG Ltd’s Las Bambas copper mine.

PRICES: LME aluminium was unchanged at $2,628.50 a tonne, zinc was up 2.7% at $3,315, nickel gained 0.3% to $20,250, lead rose 4.3% to $2,279.50 and tin was up 1.2% at $39,400.

Comments

Comments are closed.